Opportunities to assist businesses which are small across the UK overcome barriers to transatlantic trade and growth have been reported in a new report produced by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 tiny and moderate enterprises (SMEs) throughout London and also the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help tackle the challenges they face.
The ensuing report, entitled’ Making a Difference’, currently exposes 3 top priority areas where the government is able to work with SMEs to motivate superior transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and investment by aligning standards and regulations.
Solve trade disputes and enable easier business traveling across the Atlantic.
Increase on-the-ground, practical support to businesses, including sourcing reliable suppliers or perhaps navigating complex tax requirements.
Making up 99 % of all companies in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone on the UK economy. As the report shows, nonetheless, they’re oftentimes hit the hardest by cherry red tape and huge operating expenses.
For instance, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition inside the US. TradingHub, an information analytics tight in London, revealed completing tax registration was constantly intricate, expensive and time-consuming, particularly when operating in a lot more than one US state.
The UK government is committed to generating far more opportunities for SMEs to trade with partners throughout the world as it moves ahead with its impartial trade policy agenda, and negotiations are already underway with the US, New Zealand and Australia. Along with constant trade negotiations, DIT has a system of support all set to help SMEs print on the help and advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and expand the business of theirs internationally.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs in England to assist 7,600 companies grow the overseas trading of theirs.
UK Export Finance also has a network throughout the UK that supply specialist assistance on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are actually recurring, and each of those sides have now reached wide agreement on a medium-sized and small enterprise (SME) chapter. A UK US SME chapter is going to provide extra assistance by boosting transparency and making it easier for SMEs to trade, for instance by creating new methods on information sharing.
SMEs may also benefit from measures across the remainder of an UK US FTA, on practices as well as trade facilitation, company mobility, and digital trade, for example, and we are now concentrating on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small companies are at the heart of the government’s trade agenda as it moves ahead as an unbiased trading nation. We’ve by now made progress that is good on an UK US trade deal, – the committed SME chapter is going to make it easier to them to offer goods to the US and make the most of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, through earth reputable medical treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that operates for UK producers and customers, and ensuring it truly does work to the advantageous asset of SMEs long into the future.
After a challenging 2020 I wish to thank the SMEs which took part in this research and gave us such valuable insight into just how we are able to use our independent trade policy to ensure we build back better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working strongly in partnership with Minister Hands as well as our colleagues on the Department for International Trade to provide this roadshow as well as the Making a Difference report. The feedback we received from small companies across the UK on what they’d love to see through a later UK U.S. Free Trade Agreement mirrors the opportunities the transatlantic economic corridor provides, and also the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step belongs to a continuation of yearlong work made by BAB as well as policy makers to place the needs as well as interests of cultivating organizations at the center of trade policy. The report not simply showcases just how government can put this into action; additionally, it reflects that the UK Government has presently followed the’ triangle of activity and support’ that the report suggests. We congratulate the UK Government in its approach and look forward to doing our part so that more corporations can turn the transatlantic ambitions of theirs into reality.